NSRP reinforces national energy security with strong H1 2026 performance

Amid heightened volatility in global energy markets and continuing disruptions across crude oil supply chains, Nghi Son Refinery and Petrochemical LLC (NSRP) maintained reliable refinery operations throughout the first half of 2026, supplying approximately 4.1 million tonnes of petroleum products to the domestic market. As one of Vietnam’s most important energy infrastructure projects and a major supplier of petroleum products, NSRP continued to make an important contribution to national energy needs during a period of unprecedented uncertainty.

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Resilience in a challenging global landscape

The first half of 2026 was marked by geopolitical tensions and instability across key oil-producing regions, disrupting global crude flows and creating significant uncertainty in international energy markets. The disruption of key crude supplies from the Middle East created significant challenges for refineries across Asia, including NSRP, which needed to secure alternative feedstocks while continuing to meet domestic market demand.

In response, NSRP implemented proactive planning, agile feedstock management, and integrated crisis-response measures. Following the escalation of the crisis, the company established a dedicated Crisis Management Team (CMT) to coordinate actions across all functions, accelerate decision-making, and support business continuity. These efforts enabled NSRP to overcome significant supply-chain challenges while maintaining refinery operations and fulfilling its role in supplying the domestic market.

Operational excellence and supply assurance amid market volatility

Throughout the first half of 2026, NSRP continued to demonstrate strong technical capabilities and operational flexibility. The Crude Distillation Unit (CDU) achieved an average utilization rate of 105.7% of its nameplate capacity, while overall refinery output reached the equivalent of 117% of design capacity.

As of the end of June 2026, NSRP had imported approximately 39 million barrels of crude oil, including nearly 18 million barrels of Kuwait Export Crude (KEC), and supplied approximately 4.1 million tonnes of petroleum products, primarily to the domestic market.

To address crude supply disruptions, NSRP accelerated its crude flexibility strategy and further diversified feedstock sourcing. During the first half of 2026, the refinery successfully tested and processed ten crude oil grades in addition to KEC. Looking ahead, NSRP has proactively secured approximately 35 million barrels of alternative crude oil through September 2026, supporting continued operational stability. The company also increased procurement of intermediate feedstocks to supplement refinery operations. Around 276,000 tonnes of feedstocks were processed through the Residue Hydrodesulfurization (RHDS) and Residue Fluid Catalytic Cracking (RFCC) units, demonstrating NSRP’s ability to adapt quickly to changing market conditions.

With sufficient crude supply secured and technical readiness confirmed, NSRP successfully restored CDU utilization to more than 120% in late May, returning the refinery to pre-crisis operating levels. NSRP also maintained the highest standards of process and workplace safety, recording more than 28.3 million safe man-hours without a lost-time injury. This achievement reflects the company’s strong safety culture, operational discipline, and commitment to protecting its workforce.

Financial recovery and business performance

Alongside its operational achievements, NSRP delivered a significant improvement in financial performance during the first half of 2026. The company achieved one of its strongest financial performances to date, reflecting the effectiveness of its operational, technical, and commercial optimization initiatives. The improved business performance further strengthened NSRP’s foundation for sustainable growth and long-term value creation. The results highlight the value of investments in operational excellence, feedstock flexibility, and preparedness.

Partnership and support for national energy security

NSRP’s response to the crisis was made possible through close cooperation with the Government of Vietnam, the Ministry of Industry and Trade (MOIT), Vietnam National Industry – Energy Group (Petrovietnam), and its sponsors. Throughout the period, government authorities, Petrovietnam and sponsors worked together to support crude procurement efforts, maintain market stability, and facilitate access to alternative crude and feedstock supplies. The sponsors also played an important role in supporting non-KEC crude procurement and providing commercial support that helped strengthen refinery operations during a challenging period. This close cooperation reflected a shared commitment to maintaining stable domestic petroleum product supply and supporting Vietnam’s economic development during a period of exceptional uncertainty.

Commitment to community and sustainability

Beyond business performance, NSRP continued to work closely with local authorities and communities in Thanh Hoa Province through a range of social and environmental initiatives. During the first half of 2026, the company provided VND 1.3 billion in scholarships to outstanding and underprivileged students and delivered 230 Tet gift packages worth approximately VND 161 million to disadvantaged households.

In partnership with local authorities and community organizations, NSRP also organized a large-scale coastal clean-up campaign in Hai Binh Ward, bringing together nearly 1,000 volunteers and collecting approximately 60 tonnes of waste. These activities complemented the company’s broader sustainability efforts, including regular Environmental and Social Monitoring Report (ESMR) disclosures, the “No Garbage Burning” campaign, and the continued expansion of the “Nghi Son Green” Initiative.

Through these initiatives, NSRP continues to contribute to environmental protection and sustainable community development in the areas where it operates, while creating long-term positive impact for local stakeholders.

Looking ahead

Building on its strong performance and enhanced resilience, NSRP enters the second half of 2026 from a position of strength. The company remains focused on maintaining operational excellence, expanding feedstock flexibility, and supporting the growing energy needs of Vietnam.

NSRP will continue working closely with government authorities, Petrovietnam and its sponsors to enhance competitiveness, expand product offerings, strengthen operational flexibility, and create long-term value for Vietnam, its sponsors, customers, employees, and local communities. As global energy markets continue to evolve, NSRP remains committed to Vietnam’s industrial development and supporting national energy security.